JP Morgan Chase Marketing Strategy & Marketing Mix (4Ps)
Marketing Strategy of JP Morgan Chase analyzes the brand with the marketing mix framework which covers the 4Ps (Product, Price, Place, Promotion). These business strategies, based on JP Morgan Chase marketing mix, help the brand succeed in the market. Let us start the JP Morgan Chase Marketing Strategy & Mix to understand its product, pricing, advertising & distribution strategies:
Quick Glance:
JP Morgan Chase Product Strategy:
The product strategy and mix in JP Morgan Chase marketing strategy can be explained as follows:
JP Morgan Chase provides investment banking and financial services to customers, small businesses as well as some of the biggest corporate and government clients. These are covered its in marketing mix product strategy. The businesses that use the JP Morgan Chase brand: Institutional Asset Management, Investment Banking, Investment Management, Markets & Investor Services, Treasury Services, Private Banking, Wealth Management & Brokerage
These services by JP Morgan are provided to investors, financial institutions, corporations, municipal entities and government. In the capital market the bank provides services such as advise on corporate structure and strategy. It helps corporates in raising capital in debt and equity markets. JP Morgan Chase also facilitates as loan origination and syndication which is the process of getting different lenders to finance the loan. Treasury Services include transaction services which compromise of cash management and liquidity solutions and products for trade finance. The Markets & Investor Services segment include services such as cash securities and derivative instruments. JP Morgan Chase also offers research and prime brokerage and risk management solutions.
Securities Services business which comes under Markets & Investor Services includes fund accounting, administration and custody. Securities and lending products sold to public and private investment funds, insurance companies and asset managers.
Consumer Businesses under the Chase brand: Credit Cards, Small Business, Home Loans and Home Equity Line of Credit, Auto Finance, Education Finance, Retirement & Investing, Personal Bank Accounts, Merchant Services
Consumer & Business Banking offers services such as deposit and investment products to consumers. For to small businesses the bank provides payment solutions along with deposit, cash management and loans. Mortgage Banking provides all mortgage origination and servicing services. The bank also offers home equity loans and residential mortgages. Credit cards cards issued by the bank cater to consumers and small businesses. Various commercial card products provide payment services to public sector and corporate clients and payment processing services to merchants. Retail loans such as student and auto loans are provided by the bank.
Commercial Businesses under the Chase brand: Middle Market Banking, Business Credit, Equipment Finance, Commercial Term Lending, Community Development Banking, Real Estate Banking, International Banking
JP Morgan Chase Bank offers a full range of asset classes including equity, private equity, fixed income, cash liquidity, real estate, hedge funds, and currency.
Image: flickr-photos/dahlstroms/
JP Morgan Chase Price/Pricing Strategy:
Below is the pricing strategy in JP Morgan Chase marketing strategy:
JP Morgan Chase provide different kinds of services for which they charge different prices. JP Morgan Chase follows competitive pricing and Interest rates are quite low.
The bank charges a brokerage percentage on the various services it provides, therefore for large businesses make larger profits for the bank. In the credit card segment JP Morgan Chase cut prices to remain competitive, major competitors being Citigroup Inc, Paypal Inc and Square Inc. This covers the JP Morgan marketing mix pricing strategy.
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JP Morgan Chase Place & Distribution Strategy:
Following is the distribution strategy in the JP Morgan Chase marketing mix:
JP Morgan Chase has several service channels through which it serves its consumers and businesses. Personal services are provided at bank branches and through automatic teller machines (ATMs). The bank has 5,300 branches and around 15,500 ATMs. JP Morgan Chase also has other channels such as online, mobile and telephone banking. In online mode customers can create their accounts where they can have access to all their savings balance, loan, credit card and other information.
These services can also be accessed by phone, consumers can also make payments online and through phone.
JP Morgan Chase Promotion & Advertising Strategy:
The promotional and advertising strategy in the JP Morgan Chase marketing strategy is as follows:
JP Morgan Chase has a very strong brand name and most clients come to this bank because of its long standing reputation. Main marketing at JP Morgan Chase is done through client relation. The bank has very good relations with its clients. The company tries to take care of all financial needs of the client. The bank has “Chase at Work” program in which employees visit clients and give personalised services improving the relationship. The company also have referral programs in which clients are rewarded for getting referrals. JP Morgan Chase is using social media for its promotion. Online adds are used and the company site also acts as a promotional channel in which various services are advertised. The company also has a Facebook page.
Since this is a service marketing brand, here are the other three Ps to make it the 7Ps marketing mix of JP Morgan Chase.
Physical evidence:
The physical evidence for JP Morgan Chase will be its 5,300 branches and 15,500 ATMs. The banks website which provides access to the various services offered also serves as physical evidence. JP Morgan Chase have a strong local presence and try to make the bank services accessible to customers. Other material cues which brings tangibility are the company’s logo which helps in identification and visualisation of the company, credit cards and policy documents itself.
People:
JP Morgan Chase is a highly reputed company and therefore its employees are highly trained and skilled. JP Morgan Chase understands the importance of customer satisfaction and seeks to continuously improve. Its customer satisfaction scores are amongst the highest in the country in terms of customer loyalty. The company has taken many measures to ensure protection of its customers in terms of cyber security and fraud detection. They have also made their services customer friendly. The organization has more than 25000+ employees worldwide.
Process:
JP Morgan Chase intends to simplify forms and speed applications thereby improving customer experience. The company uses digital channels to make the various processes easier leading to customer satisfaction and increased efficiency. The digital channels a new chase.com platform which will enable delivery of innovative and personalised services. There is focus on process automation and standardisation across the operating model. JP Morgan Chase is investing in analytical tools to meet. Hence, this summarizes the marketing mix of JP Morgan Chase.
About JP Morgan Chase:
JP Morgan Chase is a multinational financial and banking service provider. It is one of the oldest financial institutions in the US and is headquartered in New York City. With assets of $2.4 trillion JP Morgan Chase is largest bank in the United States and the sixth largest bank in the world by total assets. As of 2016 it is the most valuable bank in the world with market value of $240.3 billion beating Wells Fargo & Co.
JP Morgan operates in in more than 100 countries with over 235,000 employees. Stock of JP Morgan Chase is a component of the Dow Jones Industrial Average.
This article has been researched & authored by the Content & Research Team. It has been reviewed & published by the MBA Skool Team. The content on MBA Skool has been created for educational & academic purpose only.
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